The Joe Costa Show

Joe Costa, a 25 year mortgage professional, business relationship facilitator, and sales educator can be heard weekly on his radio show, The Joe Costa Show.  He discusses current events, financial markets, mortgage/real estate markets and current trends. Connecting local business owners and making their brands and services known to the local community is a focal point of his show and his passion.  To hear previous recorded shows go to www.thejoecostashow.com.

The Loan Application Checklist

It is extremely important when applying for a home loan that you submit all of your documents to your mortgage professional in a timely manner.  If you can gather these essential documents before you go shopping for a home it will ease the stress of the home loan process.  Below is a checklist to help you gather the necessary documents to give to your mortgage professional.  If you have any further questions call Joe Costa, a mortgage professional, to help guide you through the process.

Loan Application Checklist

In general, the documents you will need includes:

	Check for application fee
Property Information (if you already have a contract on a house)
	Purchase Agreement.
	Copy of legal description and MLS sheet.
	If you are selling your current home, copy of listing contract.
	If you have sold your current home, copy of settlement statement (HUD-1).
Income & Assets
	Pay stubs for the last 30 days.
	For the past two years:
	Names and addresses of each employer. W-2s
	Statements for each bank, mutual fund, and/or investment account for the last three months.
	Estimated value of personal property and furniture.
	If you have made any large deposits to your accounts:
	Explanation and source for deposit. If large deposit was a gift:   Signed gift letter (lender can supply). Copy of gift check. Copy of deposit receipt.
	If you own more than 25% of a business:
	Corporate or partnership tax returns.
	If self-employed:
	Tax returns for the last three years (with schedules). Year-to-Date Profit and Loss Statement prepared by an accountant.
	If you own rental property:
	Tax returns for the last two years and current rental agreements.
	If you are retired:
	Pension Award Letter.
	If you receive Social Security:
	Social Security Award Letter.
	If you are counting child support as income:
	Copy of divorce settlement. Copy of twelve months of cancelled child support checks.
Debts
	Names, addresses, account numbers, balances and monthly payments on all current loans.
	Explanation of credit report anomalies, including:
	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens. Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
VA Loans
	Copy of DD Form 214, Report of Separation.
Miscellaneous
	Photo ID and proof of Social Security number.
	Residence addresses for the past two years.
	If applicable, a copy of your divorce decree.
	If you are not a citizen, a copy of the front and back of your green card.

Joe Costa Mortgage Notes for Realtors Volume 5: Learn To Be Respectful During The Loan Process

This concept is a continuation of the first concept, “Commitment before Ego”. This simply means give your mortgage professional the space to work directly with the client. Let your mortgage professional take ownership with the mortgage file which in turn makes you look great to your client. A great mortgage professional will make himself/herself available at all hours of the day just like you do. This part of their job is just like yours. RESPECT them for it..
Don’t look to throw your mortgage professional “under the bus” because you are not hearing the news you would like to. Ask for clarity so you can better understand what’s going on. This keeps you on the same page with your mortgage professional and allows buyers to feel more comfortable with the process. 
Call Joe Costa, San Diego's mortgage professional, to find out more about how to build a "hurricane proof" relationship with your mortgage professional.

Joe Costa Mortgage Notes For Realtors Volume 4: Learn Your Role And "Own It"

Learn Your Role and "Own It"

This is a concept that requires a real estate agent to understand that your mortgage professional is on your side and very much so wants to get your joint client through a successful escrow. Understand, just like your mortgage professional doesn’t want to overstep his/her boundaries with advising your client on the real estate side do the same on your end.

1-Let the mortgage professional shine and “do their thing”. After all you trusted your mortgage professional to refer your client to them. Follow through with that approach and “Own It”. If you need to have another lender review a particular file that has a challenge, discuss this with current loan officer so everyone can be clear and on the same page.

2-Learn your strengths and weaknesses 

3-Inspire through desire 

Call Joe Costa, San Diego's mortgage professional, with Park Place Financial Group or go to www.joecostamortgagenotes.com to gain insight on how to make your escrow process run more smoothly

Joe Costa Mortgage Notes for Realtors Volume 3: Inspect Not Expect

Inspect Not Expect

This a concept most of us try to practice and some of us are better at it than others. This is a simple approach that helps to put you and your clients in a position to hopefully succeed. The escrow process has so many moving parts and when you expect things to get done rather than inspecting things that need to get done you probably find yourself getting frustrated and losing your focus of commitment before ego. This is the second part of the concept, if not followed, could lead to the beginning stages of deteriorating the relationship with your mortgage professional.

1-When referring a client to your mortgage professional set up time lines to review and discuss buyers buying possibilities.
2-After escrow is opened review with mortgage professional times and important inspections. Keep in mind these time lines are not etched in stone. 

If you are interested in learning to build a "Hurricane Proof" relationship with a mortgage professional contact Joe Costa with San Diego's Park Place Financial Group.

Joe Cost's Mortgage Notes for Realtors Volume 1: Building a "Hurricane Proof" Relationship with a Mortgage Professional

In order to embark on the journey of building a "hurrican proof" with a mortgage professional one needs to clear their mind and let the chattering monkeys go.  The process for this starts with answering the following questions:

1- Is your real estate career a way of life for you?
2- How important is your reputation to you?
3- Do you truly pride yourself on doing the right thing?
4- Are you trying to win a popularity contest or conduct business?
5- Are  you currently working with a mortgage professional? If not, why?

If you are looking to buile a solid foundation with a mortgage professional and would like more

information on Scontact Joe with San Diego's Park Place Financial Group. Go to www.parkplacefg.com or email him at joe@parkplacefg.com

Does Your Interest Rate Determine the Actual Cost of Your Mortgage?

There are often misconceptions by homeowners and prospective homebuyers when it comes to the mortgage process.   Joe Costa  a mortgage professional with San Diego's Park Place Financial Group can help you understand how the process works.  A very common misunderstanding is that the interest rate reflects the true cost of the mortgage amount.  The interest rate alone is only a part of your mortgage payment.  The APR or annual percentage rate actually reflects the true cost of your home mortgage payment.  The APR includes not only your interest rate but also other factors such as points, private mortgage insurance(PMI) if applicable, and other fees for underwriting and loan origination.  When a potential borrowere or homeowner is looking to shop around and compare rates for a new loan or a refinance,  it is extremely important to remember that the APR is the more inclusive rate and will give you a better idea of what you will truly pay for your mortgage.

The Importance of Dealing with a Mortgage Professional Prior to Looking for a New Home

It is extremely important in today's market to speak to a  mortgage professional before you even begin your search for a new home.  Getting a loan to purchase your new home can be a very complicated process especially with time frames that are put into place by real estate contracts.  By consulting a professional prior to your search you will have a much clearer idea of all of the details going through the application process entails.  Do you  know how important your down payment, FICO score, and employment history are to obtaining the right loan? Do you know that you should not buy a car, change or quit your current job, or use your credit cards excessively when you are going through the loan approval process?  Joe Costa, a San Diego mortgage professional from Park Place Financial Group can help you start the process by prequalifying or preapproving you before you begin your home search.  When you do find the perfect home and are ready to make an offer, you will have more leverage by being preapproved and having already consulted  a mortgage professsional.

Determine How Much You Can Borrow

A couple of factors determine the amount you can borrow when purchasing a home.  What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our Park Place Financial Group website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.  Call San Diego's premier mortgage professional Joe Costa at (646) 245-7856 or apply online at www.parkplacefg.com.

Park Place Financial Group's Weekly Mortgage Segment with Joe Costa

Joe Costa provides an informational and entertaining weekly mortgage segment on San Diego's The Answer 1170am every Friday at 8pm.  He talks about real life situations and the importance of establishing a value based relationship with his clients.  He gives his listeners tips on how to go about finding the best mortgage professional to help answer all of your questions throughout a purchase loan process or a refinance for you current home.  He keeps his listeners informed on a variety of topics from interest rates to how to apply for a loan to getting a preapproval letter even before you go shopping for a new home to provide you with the most leverage when you do find the perfect home. For more information go to www.parkplacefg.com and get the most up to date information on his radio show.

Park Place Financial Group Builds Value Based Relationships

Are looking to lower your current interest rate or obtain a loan for a home purchase? If you are,  Park Place Financial Group located in San Diego, California would like to help. At Park Place Financial Group, building a value based relationship is our number one priority and our passion is all about helping our customer find the best possible loan program based on their current and future needs. In doing so, we utilize our years of experience and expertise to help you succeed and build your real estate wealth. Give Joe Costa a mortgage professional with over 25 years of experience a call today at 646-245-7856. 

FICO vs Credit Score

Did you know that your FICO score, not your credit score, is extremely important when trying to obtain the best possible home loan interest rate?  90% of lenders use the FICO score stystem; however, borrowers are often confused between the difference in a credit score and a FICO score. Call mortgage professional Joe Costa from San Diego's Park Place Financial Group to help you understand the differences.